FINANCIAL NEWS

Damac Properties posts fall in property development sales

16 Aug 2017

(MENAFN) Damac Properties recorded a second consecutive income decline after property development sales dropped, which reached 19 percent to USD191.9mn.

However, second quarter revenue fell to 1.57bn dirhams from 1.75bn dirhams a year earlier, while it continues to show more stabilization.

Meanwhile, the developer is developing thousands of new homes through three main projects in the emirate, Aykon City, Damac Hills and Akoya Oxygen.

Additionally, it received 1.071 units at its Damac Hills project in the first half of the year, bringing the whole number of homes handed over to 3.100.

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MENAFN1608201700450000ID1095735266

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